Mayor says Detroit cannot sustain Target Fireworks or Thanksgiving Day Parade past 2012

DETROIT (WXYZ) - During a news conference Friday morning, Detroit Mayor Dave Bing told reporters that The Target Fireworks on the Riverfront would not be sustainable past 2012.

Mayor Bing says the financial strain of the event is too costly for the city. He said the Detroit Fireworks is an international event, but the majority of public safety and production costs have been the sole responsibility of the city.

He said the city would still try to work with sponsors to ensure that regional event like the fireworks and the Thanksgiving Day Parade would continue to live on.

The mayor suggested that  Detroit would no longer be able to independently these big events and stay within the terms of the city's budget.

"The city’s current fiscal operating structure starting with the budget as approved for fiscal year 2012-2013, on July 1, no longer includes the cost for these regional events," said the mayor. "As such, we will actively engage the parade company and our regional partners to discuss the financial sustainability of events like the fireworks and the Thanksgiving Day Parade in the future."

However, Parade Company Resident and CEO Tony Michaels says he events will still go on. Michaels says they will be meeting with state and other regional officials to figure out hot to proceed with regional cooperation.